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Social Studies

Chapter 5 Economics

factor of production a key resource used to produce goods and services
economy the production, distribution and consumption of goods and services
opportunity cost the cost of giving up one option to choose another
production possibilities curve a graph showing all possible combinations of the number of products a supplier might produce
scarcity a shortage of resources required to meet the unlimited wants and needs of the people
table a visual that organizes information by horizontal rows and vertical columns
cottage industries industries that people work to produce goods at home
demand the amount of a product people are willing and able to buy at a certain price at a specific time
market any situation in which a buyer and a seller freely exchange one thing for another
market equilibrium the economic situation in which there is a balance between supply and demand
money anything people will accept as a method of payment
supply the amount of a product businesses are willing and able to produce at a certain price at a certain time
analyze to break information into parts
limited government a government that restricts its role in the economy
public goods goods that the government provides for all people to use; for example, parks
recession an economic downturn in which business activity slows, unemployment rises, and investment decreases
tax a required payment by people to the government
inflation an increase in the overall level for goods and services over time
laissez-faire capitalism the idea that a government should not interfere with the economy
credit union a non-profit business that makes loans and offers other personal banking services to its members
commercial bank a for-profit business that provides financial services to people
fiat money money that has value because of government order
Federal Reserve System the central bank of the United States, which provides services to strengthen the nation's financial system and sets monetary policy to stabilize the economy
money supply the amount of money available for use at any one time
monopoly a control over a service or product by one business
competition the effort to attract business by offering the best products, services or prices; the opposite of a monopoly
innovation the development of new products, technologies or services or creative changes to existing ones
market structure the way a market is organized, for example as with a monopoly or competition
capital the money and supplies needed to run a business
incentive motivation
interpret to explain or make sense of
morale the confidence and enthusiasm of a group
productivity the pace at which work is completed
profit income left after subtracting expenses
input everything that goes into making a product
output the product or service provided by a business
interdependence the state of relying on one another
division of labor the way work is divided among workers
goods products
services work done by a person for another person
product an article that is manufactured for sale
profit margin the measurement of how much money a business keeps out of every dollar of its sale
checking account a bank account that lets the account holder write checks to pay for purchases
credit score a report of how well an individual pays debts
deposit to put money into an account
financial planning organized steps that guide the spending, saving and investing of money
savings account a bank account where money is stored
withdraw to take money out of an account
Created by: rcaldwell1


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